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20130109
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Search Results 0 to 15 of about 16 (some duplicates have been removed)
the debt ceiling. make treasury -- >> unless there's real spending cuts, unless there's real structural reform -- >> even though this is about previous spending? you were a business consultant. it is hard to sit there looking backwards. this is money that's already been promised. >> we can cover the interest payments on that previous spending. what barack obama wants is more spending going forward in the future. and, frankly, he doesn't have much credibility on this. the senate voted four times when he was in the senate to raise the debt ceiling. he voted against it once. he couldn't be bothered to show up for it twice. >> i want to ask you something quick. apparently one of your professors at harvard is now a u.s. senator from massachusetts. elizabeth warren. tell me about her class. you were telling me interesting things off camera about her class. it was among the most rigorous you took. >> yes. elizabeth warren was my contract law professor on my first day in my first class at law school. she was a good professor. i learned the subject very well. probably not as well as others did r
will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors wo
the upcoming fight over the debt ceiling could force the treasury department to delay sending out tax refunds. >>> and on march 1st, the treasury department will stop sending social security checks through the mail. recipients have to switch to electronic payments, either direct deposit or debit card. the change is expected to save taxpayers $1 billion over the next ten years. terrell? >> erica ferrari, thank you so much. >>> coming up next your wednesday morning weather and how lance armstrong allegedly bullied his critics into keeping quiet. scott pelley spoke with the person in charge. living with moderate to severe rheumatoid arthritis means living with pain. it could also mean living with joint damage. help relieve the pain and stop the damage with humira, adalimumab. for many adults with moderate to severe ra humira is clinically proven to help relieve pain and stop joint damage. so you can treat more than just the pain. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal events, such as infections, lymphoma or other t
as the debt ceiling fight is heateding up, we're getting a new treasury secretary. tomorrow president obama expected to nominate white house chief of staff jack lew to replace tim geithner. will that a make a deal on the debt easier or tougher? >> and constellation brands raising its estimates. the stock is one of the s&p's top performers of the year. not getting much of a bood boost at all though. will this push the adult beverage company even higher? don't miss our exclusive with the company's ceo, rob sands. that's coming up. >> and aig's board declining to join a controversial shareholder lawsuit against the government over the $1 will 2 billion bailout of the company. i'll get the inside story from the ceo of the company, bob benmosche joining me here exclusively in the 4:00 hour of the "closing bell." back in a moment. curb... make you a target for thieves? or that dog bites account for a third of all home liability claims? what if you didn't know that one in seven drivers is uninsured? and that grease fires have to be smothered? the more you know, the better you can plan for whats ah
states. >> the treasury department estimates that if the debt ceiling is not raised, the united states may just hit that ceiling by midnight on valentine's day, five weeks from today. but congressional republicans might, they just might be ready to blink. here is republican senator ron johnson of wisconsin on fox news this afternoon. >> what about the debt ceiling deadline -- would you go through that, risk shutting the government down? >> we don't have to do that, we should not be playing this -- >> i know that, but what would you do? >> again, that is a hypothetical situation. >> senator mitch mcconnell evaded question after question about raising the debt ceiling on monday. >> it is a hostage worth ransoming, is that the strategy you would ransom that again here, to force the kind of spending cuts that you think are necessary? >> it is a shame we have to use whatever leverage we have in congress to get the president to deal with the biggest problem confronting our future, and that is our excessive spending. >> but you're conceding that that may be the strategy this time? >> well, wh
, doug. >> i want to point outgoing over the debt ceiling doesn't cut spending. the fact that the treasury doesn't have the money doesn't relief them of the obligation to spend it. it is the law of the land to spend the money. melissa: hang on, guys. hang on. we have to talk one at a time. what it actually says i'm not going to extend you anymore credit until you get your books in order. why should i give you more credit to spend when you haven't figured out how you're going to live within your means? why is that wrong, doug? >> that's right. in fact the fact that the you know, your teenager overspent their credit card doesn't mean you don't pay the bill. melissa: you say i will not raise the limit to get your act together. >> my point if you want to cut spending pass laws to cut spending. hitting debt ceiling doesn't do it. >> we have go different issues. one is the debt ceiling. the second is the sequester. doug is right, debt ceiling expiring doesn't automatically cut spending but the sequester does. cuts across the board manner, social security, medicare and medicaid
. and the former treasury adviser, what is his solution to the debt ceiling standoff and who should succeed tim geithner as treasury secretary. all that coming up next. this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. >>> the social media still have room to run? julia boorstin caught up with sales force.com in a cnbc exclusive to talk about how facebook and twitter are impacting business. >> every company's trying to connect with their customer in a whole new way. >> in what role does sales force now play and what are the business tools you offer? >> we've built an incredibly new cloud. we spent $1 billion in acquiring companies, just to be able to show our customers exactly how to connect to their customers. whether you're connecting on facebook, whether you're connecting on twitter, whether you're listening like we're doing right here at our
of minting trillion-dollar coins as a way of dealing with the debt ceiling? >> i would refer you to treasury for the specifics of this question. i can tell you that the president does not believe that there is a backup plan or a plan b or an off ramp. the only viable option here is congress to fulfill its -- is that congress fulfills its responsibility and ensures that the united states of america pay its bills, as it has always paid its bills throughout its history. >> but why will you rule out the 14th amendment and not rule out the trillion-dollar coin idea? >> again, i can tell you that there are no backup plans, there are no plan bs. i refer you to the treasury for -- >> but, jay, thats the thing -- you are leaving this -- it may be the tiniest of openings, but why would you do that -- >> i'm just saying i dont have analysis here of every idea thats thrown out. i can tell you that the president -- >> is somebody back there trying to figure this out? >> again -- not that i know of. but since treasury, i believe, oversees printing and minting, you might ask treasury. the president's belie
for the president to pull the country away from the debt ceiling without giving into republicans. all he needs is treasury secretary tim geithner and a trillion dollar coin. the plan revolves around a loophole in which the coinage act which allows the treasury secretary to issue a platinum coin at any denomination he want so geithner could order a $1 trillion coin mint and use the coin to buy back debt from the fed, pulling us away from the debt ceiling and avoiding another showdown with republicans. this isn't some pie in the sky plan devised by economic wonks or sci-fi fans, it actually has supporters in congress. specifically new york democratic congressman jerry nadler who has proposed bringing the idea to the floor to use as a bargaining chip saying it sounds silly but it is legal and it would normally not be proper to consider such a thing except when you're faced with blackmail to destroy the country's economy, you have to consider things. well put. joining me now is our own platinum panel starring professor at brown university and current contributor trisha rose, forbes contributor ric
-called mini cliffs, the big one, the debt ceiling, something he will have to deal with right away. >> when is the formal announcement of the nomination expected and another partisan fight down the road? >> very well could be. we have been trying to nail it down. all we have from sources is that it will happen sometime this week mptd not certain if that is tomorrow or friday or over the weekend but it will happen sometime this week. we have seen already in other nominations that the president has put forward that there has been a pushback from republicans and democrats to the nominee. unclear how the lew nomination will go. i think by all accounts everyone believes that he will be able to get confirmed. but there are concerns not only from wall street but all the way to main street that he doesn't have the experience needed to tackle the big challenges ahead. >> thanks for that. let's bring you in. timothy geithner being with the president from the beginning they have faced financial hurdles together. still facing that $16.4 trillion debt ceiling coming up. why is the white house so sure j
to deal with the debt ceiling, the fiscal cliff and the all in the comes months. >> kristen, we look at the optics of this, the inner circle being all white men. what is the tone in washington especially since was the obama coalition that got obama in for a second term? >> well, look, the white house is kernel getting criticism over this issue, especially from women's advocacy groups who are saying there aren't enough women in the top positions at the white house. the white house playing defense on this issue. jed jay carney asked about this saying that diversity is an important issue for the president but he's also choosing especially in these top spots, the people he believes he will work best with, best for the job. there are also reports 0 out that 43% of the appointees here at the white house are in fact women. that's actually an increase if you look at the bush administration. although not as high as the clinton administration. but they are certainly coming under some criticism. for the way in which this cabinet is shaping up. >> nbc's kristen welker live for us. thank you. >>>
, matt, are floating an idea to try to avoid that debt ceiling crisis, proposing that the treasury department mint a platinum trillion dollar coin. you would put that coin away in the federal reserve and then if necessary, you would spend it to help pay off the money that the u.s. owes. if that did happen, an idea some would call ridridiculous, you wd hate to be the person to put that coin in the million dollar meter. >> not a good thing, peter. thank you. >>> new jersey governor chris christie made some headlines recently when he called out gop republicans for postponing a disaster aid vote for sandy victims. "time" magazine last night bumped someone off the cover of their magazine, they put this face on the cover of this week's issue with the headline, "the boss." with all due respect to the guy we both like, bruce springsteen, that's not what they're referring to. they're referring to the fact that this is your time to take the reins of the republican party. are you going to do it? >> i'm going to be the govng to of new jersey. that's my job. the only reason you get this attenti
secretary. if confirmed he will have to jump into the debt ceiling debate. that will be trial by fire, isn't it? rich edson is live at the white house. >> this is the reason why he is selected. he has really been a budget person here in washington for the past 30 years. he was budget chief under the clinton white house and obama white house. he has been in all the particular budget fights especially next to president obama with the debt ceiling year-and-a-half ago in most recent recent round. according to folks early in the week telling us at fox we would get announcement by the end of this week that jack lew would likely be the next treasury secretary pick from president obama. we don't have much week left. on friday the president of afghanistan, hamid karzai is expected to be here at the white house. that has us all looking at tomorrow as the official date for this. the reasoning behind that, yes, he has been in on all of the budget fights. he spent all of last few years really of his career in washington, d.c. in the federal government. he spent a few years at citigroup. he was the chie
that this deadline, the debt ceiling may be reached by february 15th. basically 40% of spending gets cut off. and the treasury is going to have to make decisions about whether to pay social security checks or tax refunds or paying our soldiers or paying the fbi. these are choices that now becoming a little bit more real and i don't think there's anybody in the republicans -- well, there are a few but most people know this would be nuts. >> this is why congress is less popular now than getting simultaneous root canals ands colonoscopies and listening to nickelback. >> stephanie: not talking about you. >> i certainly hope not. >> stephanie: how does this play out? the exact same way? will it be 11th hour again? >> well, that wouldn't surprise me a bit. but the 11th hour is kind of -- not as precise as what it was with december 31st and january 1st. it is an estimate that it is february 15th. we won't know exactly. at some point if they get the printing press warmed up for the platinum coin -- >> stephanie: which, by the way, you should be on. absolutely. >> that would be one for the record boo
obama can get around the debt ceiling by minting a trillion dollar coin and depositing it into the treasury. it does seem wacky by many people, but some are taking it seriously, including republicans who have introduced legislation to prevent this from happening. but i would like to bring perspective to the 1 trillion-dollar debate. there was a similar idea tried a few years ago on the simpsons. it didn't go well. take a look. >> the one-time printing of the largest denomination currency ever, 1 trillion-dollar bill. >> may i see? >> see with your eyes, not with your hand. >> please, we're amigos here. >> mr. burns i think we can trust the president of cuba. >> now give it back. >> give what back. >> oh. >> jennifer: if we do mint the 1 trillion-dollar county let's make sure that our cartoon billionaires do not lose it. we'll be right alright, in 15 minutes we're going to do the young turks. i think the number one thing that viewers like about the young turks is that we're honest. they know that i'm not bs'ing them with some hidden agenda, actually supporting one party
Search Results 0 to 15 of about 16 (some duplicates have been removed)